Trump launches his own $TRUMP meme coin, price soars overnight [Video]

President-elect Donald Trump launched his own cryptocurrency on Friday, sparking a feverish buying that apparently sent its market capitalization soaring to several billion dollars.

In a message posted on his Truth Social platform and X, Trump unveiled the so-called meme coin, which is designed to capitalize on the popularity of a certain personality, movement or viral internet trend.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” he wrote.

Meme coins have no economic or transactional value and are often seen as a means of speculative trading.

“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the coin’s official site says.

In the hours following the overnight launch, the crypto community posed questions about the legitimacy of the $TRUMP coin, and its actual link to the president-elect, with some fearing a scam.

But the fact that the announcements came on Trump’s official social media channels …